Description of this paper

Problem 3-2A;Nina Finzelberg started her own consulting firm, Finzelberg Consulting Inc., on May 1, 2014. The following transactions occurred during the month of May.;May 1 Stockholders invested $ 17,619 cash in the business in exchange for common stock.;2 Paid $ 705 for office rent for the month.;3 Purchased $ 587 of supplies on account.;5 Paid $ 176 to advertise in the County News.;9 Received $ 1,644 cash for services performed.;12 Paid $ 235 cash dividend.;15 Performed $ 4,933 of services on account.;17 Paid $ 2,937 for employee salaries.;20 Paid for the supplies purchased on account on May 3.;23 Received a cash payment of $ 1,410 for services performed on account on May 15.;26 Borrowed $ 5,873 from the bank on a note payable.;29 Purchased office equipment for $ 2,349 paying $ 235 in cash and the balance on account.;30;Paid $ 211 for utilities.;1)Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.);2) Prepare an income statement for the month of May 2014.;3) Prepare a classified balance sheet at May 31, 2014. (List current assets in order of liquidity)

Paper#78525 | Written in 18-Jul-2015

Price : $22

STUDENTS MERIT

CLIENTS’ SUPPORT

MAKE MONEY

CONNECT WITH US

Disclaimer : Studentsmerits.com provides solutions that are custom written and that can only be used for research and reference purposes only. Using this service does not contravene your academic honesty or insititution\'s policies. The following are the ways you are supposed to use our services: (i) As a reference for indepth understanding of the subject. (ii) As a source of ideas / reasoning for your own research (if properly referenced). (iii) For editing and paraphrasing (check your institution\\\'s definition of plagiarism and recommended paraphrase). (iv) Direct citing (if referenced properly).